CONDOMINIUM PROJECT QUESTIONNAIRE



|Project Name: | | |Loan Number: | | |

|Master Project Name, if applicable: | | |

|Property Address: | | |

| | | |

|Year Project Built: | |HOA TIN # (required): | | |

|Lot #: | |Block: | |Plat: | | |

| |

|Project Eligibility Requirements |

|1a |Total # of legal phases in project: | |1c |Subject| |

| | | | |propert| |

| | | | |y | |

| | | | |located| |

| | | | |in | |

| | | | |legal | |

| | | | |phase | |

| | | | |#: | |

| |Are all units, common elements and amenities completed in subject legal phase? |Yes | |No | |

| | |If NO, what is incomplete? | |

| | |Number of units complete: | |

| | |Does the HOA have sole ownership and sole rights to the use of project facilities? |Yes No |

| | |What Common Elements & Amenities are incomplete? | |

|6 |Is there a bond letter or completion assurance for the incomplete common elements and amenities? (If yes, provide |Yes | |No | |

| |copy) | | | | |

|7 |Is the project subject to any additional phasing or annexation? |Yes | |No | |

|8 |Is the project a conversion? |Yes | |No | |

| | |If yes, is the project 100% | |Yes |

| | |complete? | | |

|9 |Does any one investor own more than 10% of the total project? (For projects with 2-4 units, maximum single investor |Yes | |No | |

| |ownership is 1 unit. For projects with 5-20 units, maximum single entity ownership is 2 units.) | | | | |

|10 |Do the legal documents of the Homeowners’ Association contain language that protects the first mortgagee rights? |Yes | |No | |

|11 |Has the Homeowners’ Association been turned over to the unit owners? |Yes | |No | |

| |If YES, provide date control of Homeowners’ Association turned over to unit owners | |

|12 |Is any part of the project used for commercial purposes? |Yes | |No | |

| |If YES, what percentage of square footage is used for commercial purposes | |

| |If YES, what is commercial spaced used for? | |

|13 |Provide the amount currently held in reserves for future repair and/or replacement of major components of the project |$ |

|14 |Are there any monthly assessments delinquent more than 60 days? |Yes | |No | |

| |Provide the number of units that are delinquent and the dollar amount outstanding: |$ |/ |# |

| |Does the HOA utilize at least ONE of the following? |Yes | |No | |

| |Separate bank accounts for working funds and reserve funds, with statements sent directly to the HOA. | | | | |

| |The management company maintains separate records and bank accounts for each HOA using its service and the management | | | | |

| |company does not have the authority to draw checks or transfer funds from the reserve account. | | | | |

| |Two members of the Board of Directors must sign checks written on the reserve account. | | | | |

|15 |Is title held as a Leasehold Estate? |Yes | |No | |

| |If YES, the loan is not eligible | | |

|16 |Is there any pending litigation involving the Homeowners’ Association or developer? |Yes | |No | |

| |If YES, provide details and documentation of the circumstances surrounding the litigation. |

| | | | |

| | | | |

| | | | |

|17 |Are there any special assessments pending? |Yes | |No | |

| |If YES, describe special assessment, the amount, duration and payout | | | | |

| | | | |

|18 |Is project a Condo Hotel/Motel? |Yes | |No | |

|19 |Is project an investment security, common interest apartment or does the project have any non-incidental business |Yes | |No | |

| |operation owned or operated by the HOA? | | | | |

|20 |Is project part of a Master Association? |Yes | |No | |

| |If YES, provide all required condominium documents for the Master Association per the Submission Checklist | | | | |

|25 |Is project a timeshare or a segmented ownership? |Yes | |No | |

|26 |Is project a houseboat project? |Yes | |No | |

|27 |Is project manufactured housing project? |Yes | |No | |

|28 |Is project a multi-dwelling unit condominium (including lockout units in project) in which ownership of multiple units|Yes | |No | |

| |is evidenced by a single deed or mortgage? | | | | |

|29 |Does the condominium represent a legal but non-conforming use of the land (If zoning regulations prohibit rebuilding |Yes | |No | |

| |to current density in the event of destruction)? | | | | |

|30 |Is the project, in whole or in part, operated or owned as a continuinig care facility which provides medical and/or |Yes | |No | |

| |supportive services to unit owners? | | | | |

|31 |Is year-round occupancy permitted? |Yes | |No | |

|32 |Is there a mandatory rental clause? |Yes | |No | |

| |

|Project Insurance Requirements |

|33 |Is hazard insurance in place to cover 100% of the insurable replacement cost of the project improvements, including |Yes | |No | |

| |the individual units? | | | | |

|34 |Is liability insurance in place providing at least $1MM of coverage for bodily injury and property damage per |Yes | |No | |

| |occurrence? | | | | |

|35 |Is flood insurance (if required) in place providing coverage at least equal to the lesser of 100% of the insurable |Yes | |No | |

| |value of the facilities or the standard coverage available under NFIP ($250,000 per unit), whichever is less? (Maximum| | | | |

| |deductible is the lesser of $5,000.00 or 1% of policy’s face amount unless state law requires a higher deductible) | | | | |

|36 |Is fidelity insurance in place covering the maximum amount of funds that will be in the custody of the owners |Yes | |No | |

| |association or Management Company at any time? The coverage must be no less than a sum equal to three months | | | | |

| |aggregate assessments on all units plus reserve funds. (Required if project is 20 units or more) | | | | |

| |

|Insurance Information |

|Name and Address of Insurance Company | |Name of Agent |

| | | |

| | |Telephone Number |

| | | |

| |

|Documentation Requirements |

|Please enclose the following documentation with the completed project questionnaire |

|Master Insurance Declaration Page showing current hazard, liability, and fidelity insurance coverage, if applicable |

|Evidence of Fidelity Insurance for projects over 20 units |

|Current Operating Budget |

|Covenants, Conditions and Restrictions (CC&R’s). Required for new projects only ( ................
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